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Dec 6, 2012
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i think the bottom line is that the president, there's wind in his sails from the election and he feels like he ought to be able to squeeze a heck of a lot out of them. and he's playing hardball. and the cost is that as you folks have noted, we definitely absolutely 100% will go into a recession if they fail. and by playing chicken like this, what the president is doing is telling people right now in december to stop their economic activity because there's this scary thing that might happen if the coin flip comes up. so i think that eat big problem right now. >> i initially read the "new york times" piece about boehner gaining some backing of the house. it's basically saying the guys that wouldn't have gone along with them before in caving are now ready to careful with them. so it's like the same article. >> i think it's 50/50 that we don't get that. i'm not exactly sure that the president doesn't think that if we question over the cliff, that he can blame that on republicans. and then try to fix it next year. but from a position of money. >> secretary geithner said they're ready to go
i think the bottom line is that the president, there's wind in his sails from the election and he feels like he ought to be able to squeeze a heck of a lot out of them. and he's playing hardball. and the cost is that as you folks have noted, we definitely absolutely 100% will go into a recession if they fail. and by playing chicken like this, what the president is doing is telling people right now in december to stop their economic activity because there's this scary thing that might happen if...
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Dec 5, 2012
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i think we still need to get through the election or the post election haze. i would say that -- to everybody, listen, we're no longer running for office here. this is about getting back down to brass tacks and figuring out how to solve it. >> which side is not campaigning anymore? >> you've got to listen to who's not talking. i think that's -- in washington, it's always who's not talking. >> we haven't really heard much from senate leadership. >> so that's where our deal gets carved out? >> well, when you start to hear some things from the senate leadership, then you'll know we're getting close to getting something done. and right now they're sending out minions and talking about things that i think are really, you know, staking out claims so they can say they've done that for their constituencies. but it's time right now for the moderates on both sides to step up. for those that are not necessarily at risk of losing elections in the near term to step up and say, listen, just like the leaders said earlier in the program. this is a math problem. it's really no
i think we still need to get through the election or the post election haze. i would say that -- to everybody, listen, we're no longer running for office here. this is about getting back down to brass tacks and figuring out how to solve it. >> which side is not campaigning anymore? >> you've got to listen to who's not talking. i think that's -- in washington, it's always who's not talking. >> we haven't really heard much from senate leadership. >> so that's where our...
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Dec 7, 2012
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they were set to go forward with some primaries which is what the center left did to elect their candidate. and now that berlusconi has abruptly announced that he's going back, that tells you there is a lot of tension. he's trying to define the support, enough support in order to have some say in parliament even after the elections. an apparently he probably was not able to get that within his own party. as far as the situation overall is concerned, we did see the spread go higher and there are concerns. the minute you touch this jittery topic of the politics here in italy, the market gets very, very concerned. so what has come out officially by the president of italy is that he's officially not calling a consultation for monti at this point. his statement last night was that he wants parliament to act responsibly and sensibly. so right now he's just making this warning. so so at this point, there is not a crisis in the government, but the pdl dismantling the party and creating tension. >> claudia, who at the moment is -- which of parties would get the most seats in terms of polls and stuf
they were set to go forward with some primaries which is what the center left did to elect their candidate. and now that berlusconi has abruptly announced that he's going back, that tells you there is a lot of tension. he's trying to define the support, enough support in order to have some say in parliament even after the elections. an apparently he probably was not able to get that within his own party. as far as the situation overall is concerned, we did see the spread go higher and there are...
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Dec 3, 2012
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election and iphone 5. and while the most searched person of the year was kim kardashian, this is according to yahoo! search engine, kate middleton and political polls also made the top ten list. so here is a simple question for you today. what dunk were the most interesting stories this year or the most interesting story, the election, the owe almost picks, the ongoing saga in greece. let us thouknow. worldwide at cnkrchlt nbcnbc.co. >>> starbucks is changing the way it pays taxes in the uk this after harsh criticism of tax avoidance from the british government. more when we come back. having you ship my gifts couldn't be easier. well, having a ton of locations doesn't hurt. and a santa to boot! [ chuckles ] right, baby. oh, sir. that is a customer. oh...sorry about that. [ male announcer ] break from the holiday stress. fedex office. >>> words of caution from the bank of japan chief at forum in tokyo. the governor said central bankers need to take a long term policy perspective if they want sustainable gr
election and iphone 5. and while the most searched person of the year was kim kardashian, this is according to yahoo! search engine, kate middleton and political polls also made the top ten list. so here is a simple question for you today. what dunk were the most interesting stories this year or the most interesting story, the election, the owe almost picks, the ongoing saga in greece. let us thouknow. worldwide at cnkrchlt nbcnbc.co. >>> starbucks is changing the way it pays taxes in...
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Dec 4, 2012
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. >> i was so hopeful, i wasn't obviously thrilled with the election results, but i actually thought that result might be the result we needed to get thefshs done. >> in a way you you have the situation where -- >> you extend 98 but not the 2? believing that story is so -- >> either raise them on everyone or raise them on -- either it will hurt the economy if you raise taxes or it's not. on 98 it won't hurt, on 2 it will -- >> we'll have more on this argument. in the meantime, let's talk about some of the other headlines. financial firms are gathering for the goldman sachs financial services contractors. a key presenter is brian money tha moynihan. we talked about his reports of planned fee increases. plus there was the issue of president obama's likely pick to follow tim geithner at treasury. we talked about how buffett threw out jamie dimon's name. here is what moynihan thinks about that idea. >> i won't give individual names, but i think what warren is expressing a view which i agree with is that we need to have very bright, very talented and very broad experienced people help pus
. >> i was so hopeful, i wasn't obviously thrilled with the election results, but i actually thought that result might be the result we needed to get thefshs done. >> in a way you you have the situation where -- >> you extend 98 but not the 2? believing that story is so -- >> either raise them on everyone or raise them on -- either it will hurt the economy if you raise taxes or it's not. on 98 it won't hurt, on 2 it will -- >> we'll have more on this argument. in...
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sandy, the election, holiday workers. you say three asterisks. >> yeah, i think it has to have three asterisks, it doesn't fit in with initial claims and other items. they said sandy had no impact on the number. i think that may be because the number was basically taken before the impact was held. i think they're going to see a lot of revisions here. >> next week setting up. it's going to be another big one. same store sales from various companies and, of course, the fed. >> the fed is important. it's another one of those two-day meetings. they're going to take down operation twist. this will be important because he gets to announce at a press conference. that gives them a chance to explain what the mood of the meeting was. it will give them a chance to hear what the new proposal, qe whatever, is supposed to do and how they want to set it up. so i think the markets will hone in on that very, very carefully. >> do you think we see an acceleration of purchases, a revamp of twists? will there be an event as i said earlier? >
sandy, the election, holiday workers. you say three asterisks. >> yeah, i think it has to have three asterisks, it doesn't fit in with initial claims and other items. they said sandy had no impact on the number. i think that may be because the number was basically taken before the impact was held. i think they're going to see a lot of revisions here. >> next week setting up. it's going to be another big one. same store sales from various companies and, of course, the fed. >>...
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Dec 7, 2012
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he's caught between the elected obama and the ufrn elected norquist crossfire. there's not a lot of room to maneuver in that space. tuesday we've got two big investor meetings. first there's dell world. dell world? i like kirby's fourth world. there's dell world. is the risk taken out of this one now? it's down so low. or does it even matter? deleveraged buyout as goldman hinted in its sell-buy research upgrade this week? second, there's a -- how many times can you tell us that monster drinks aren't any worse and may actually be better than a cup of joe from starbucks? let us count the ways that this analyst meeting slash lovefest, they will tell you that there's no better way to preserve your heart than to drink a taste of monster every morning. now, analysts will be plenty hopped up when they come out of this meeting because they'll be recommending this stock in high-speed fashion. next on wednesday we're going to get the results from joy global. here's the company that has the best read on chinese growth of all the companies i follow. in fact, joy global call
he's caught between the elected obama and the ufrn elected norquist crossfire. there's not a lot of room to maneuver in that space. tuesday we've got two big investor meetings. first there's dell world. dell world? i like kirby's fourth world. there's dell world. is the risk taken out of this one now? it's down so low. or does it even matter? deleveraged buyout as goldman hinted in its sell-buy research upgrade this week? second, there's a -- how many times can you tell us that monster drinks...
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Dec 3, 2012
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he's had ever since september of 2011 when the grand bargain talks broke out -- broke down and post-election he's made clear this is going to remain an element of his strategy, is campaigning with the public. he made that trip to pennsylvania last week. he's trying to use the public, which polls show agrees with him on some of the key questions like top rate, to put pressure on the congress to move. we'll see how effective that can be. certainly it hasn't been effecti effective heretofore but it is possible it could and the president believes having won the election he's on the high side. >> 2:00 on twitter. john, thanks very much. >>> one of the overhangs for the fiscal cliff for investors is what will happen on dividend tax rates. more and more corporations aren't waiting to find out exactly what happens with more than $22.5 billion worth of special difficult sends having been announced from 98 companies in the fourth quarter so far. today, hca, dish network, cato joining the list. jim iuorio is a cnbc contributor. >> i've been looking at this from every ang toll fiangle to find a tradable
he's had ever since september of 2011 when the grand bargain talks broke out -- broke down and post-election he's made clear this is going to remain an element of his strategy, is campaigning with the public. he made that trip to pennsylvania last week. he's trying to use the public, which polls show agrees with him on some of the key questions like top rate, to put pressure on the congress to move. we'll see how effective that can be. certainly it hasn't been effecti effective heretofore but...
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>> you would have to elect romney to do that. you're not going to extend the bush tax cuts for the high end. >> for another minute. >> not even for a milliseconmil. >> the republicans want to bargain away and let taxes go up by the end of the year and have the big negotiations occur next year when the president will want even more increases in taxes. >> let me ask a different question and it's sort of the -- >> and then we got to go. >> here's the opportunity for the president to eclipse the whole thing, i don't think he's going to but he could eclipse the whole scene. let's not relitigate '01 and '03 let's bridge to tax reform and move forward. the senate democrats not answering their phones are the ones to ask about this one. >> congressman, thank you for being on. >>> the final countdown to the jobs report. stick around. ♪ ♪ mom? dad? guys? [ engine turns over ] [ engine revs ] ♪ he'll be fine. [ male announcer ] more people are leaving bmw, mercedes and lexus for audi than ever before. take advantage of exceptional valu
>> you would have to elect romney to do that. you're not going to extend the bush tax cuts for the high end. >> for another minute. >> not even for a milliseconmil. >> the republicans want to bargain away and let taxes go up by the end of the year and have the big negotiations occur next year when the president will want even more increases in taxes. >> let me ask a different question and it's sort of the -- >> and then we got to go. >> here's the...
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Dec 5, 2012
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i think businesses are holding back partly because of the election, which is now passed obviously. and the fiscal cliff. i still believe that we're going to end up kicking the can down the road. i think there's lots of pent-up demand in the economy so we're not going to go into a recession. in fact, i think next year we could see some acceleration. one of the key ways to see this is just to look at auto sales for november. they surged to 15.5 million. every time we have a dip in demand because of sandy or something else, we come back. this economy is super resilient and i think we'll be able to go over the cliff or go through the cliff without having a recession. >> i hope you're right. my concern is that you are absolutely wrong. actually the economy is slowing to stall speed and markets could correct badly on the news moving forward. we learned this week that manufacturing contracted in november for the first time in three months. we had analysts on the program talking about the channel checks indicating softness for a second month and today goldman has downgraded growth in the f
i think businesses are holding back partly because of the election, which is now passed obviously. and the fiscal cliff. i still believe that we're going to end up kicking the can down the road. i think there's lots of pent-up demand in the economy so we're not going to go into a recession. in fact, i think next year we could see some acceleration. one of the key ways to see this is just to look at auto sales for november. they surged to 15.5 million. every time we have a dip in demand because...
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Dec 6, 2012
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i doubt our elected officials would be brazen enough to leave washington without an agreement? this is my hunch. if, and that is an if we are going to see a deal, i suspect it'll come in the next two weeks. if we know anything about d.c. lawmakers, their time off may be more of a sacred cow than the belief on tax and spending. if i'm right, it's too bad that their own self-interests motivate them more. >>> before we look the a the day on wall street. and it was a quiet day. at the end of the day, we did see the markets get a good lift up about 40 points on the industrial average. nasdaq composite picked up 15 1/2 points. and the s&p tonight gain of 4.5% points, check out apple today, we did see a bit of a rebound after the big selloff yesterday. apple continues to trade higher in realtime, up 1.5% on apple at
i doubt our elected officials would be brazen enough to leave washington without an agreement? this is my hunch. if, and that is an if we are going to see a deal, i suspect it'll come in the next two weeks. if we know anything about d.c. lawmakers, their time off may be more of a sacred cow than the belief on tax and spending. if i'm right, it's too bad that their own self-interests motivate them more. >>> before we look the a the day on wall street. and it was a quiet day. at the end...
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Dec 4, 2012
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simply because the president believes his election means people voted for higher taxes for the wealthy. and the republicans believe they are off the hook because they took the grover norquist no new tax pledge. in that scenario, rising above, my pin means absolutely nothing. rise above what? the oath you gave to your voters? to these hardened partisans to rise above means rising above compromise. compromise is bad. right? i mean they think compromise is bad. they want to rise above it. they think it's a higher ground than not compromise. what's amazing to me is that when congress came up with this ridiculous cliff idea, there were legislators who believed that if these draconian changes were to become law, it would be so obvious we would be thrown into recession that it wouldn't happen. that fact was supposed to create compromise, instead, neither side seems at all fearful for recession. it's amazing how bold they are or maybe how stupid they are and to the gop, obama's re-election clearly meant nothing at all. it's almost as if neither side realizes how many people are simply just pla
simply because the president believes his election means people voted for higher taxes for the wealthy. and the republicans believe they are off the hook because they took the grover norquist no new tax pledge. in that scenario, rising above, my pin means absolutely nothing. rise above what? the oath you gave to your voters? to these hardened partisans to rise above means rising above compromise. compromise is bad. right? i mean they think compromise is bad. they want to rise above it. they...
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campaigned and won on a platform of higher taxes for the wealthy and the republicans say they were elected because they pledged to behind the scenes power broker grover norquist they would never raise taxes, it certainly seems that the impasse cannot be solved and we got to -- go over the cliff. not only do the hard liners refuse to rise above partisanship in order to avoid a government man-dated recession, which is what it's amounted to doing, but we can't even get them to promise no vacation without legislation! >> boo! >> they not only seem mean-spirited, petty, reckless, and angry down there in washington, they're also slothful. have you ever been able to say to your boss, walk in, you know, hey, man i know i've got a huge project due, one that could bring down the whole company, but darn it all, hey, see you later, sport, i'm taking a vacation. i'm out of here! not only do i advocate no vacation without legislation, i want to know, a new one for you. a litmus test. i want to know which of these bitter politicians have tickets in their pockets to fly out of washington next week. i'm no
campaigned and won on a platform of higher taxes for the wealthy and the republicans say they were elected because they pledged to behind the scenes power broker grover norquist they would never raise taxes, it certainly seems that the impasse cannot be solved and we got to -- go over the cliff. not only do the hard liners refuse to rise above partisanship in order to avoid a government man-dated recession, which is what it's amounted to doing, but we can't even get them to promise no vacation...
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they have an election every two years and they got elected again and they've got constituents that sent them there for a reason. and then you've got the president would is just -- you know, just being hammered by the left on not caving this time around because he got so much grief the last time. this is setting up for us to go over the cliff, isn't it? what do you think? do we go over it or not? >> yeah, it is very difficult. and i feel bad for john boehner. he's in a difficult situation. i did want to remind john that he should look at the young, newer members that are so difficult to persuade to make an easy deal compromise. and remember, it wasn't too many years ago, john, that was you and me and we were driving bob michael and president bush nuts when the democrats were offering them, give us the tax increases now, we'll give you the spending cuts later and we were saying, oh, no, they'll never keep their word on the spending cuts. they'll tax the tax increases. quite frankly, the speaker has a difficult role to play here. he's seen by so many people as the principal guardian of our
they have an election every two years and they got elected again and they've got constituents that sent them there for a reason. and then you've got the president would is just -- you know, just being hammered by the left on not caving this time around because he got so much grief the last time. this is setting up for us to go over the cliff, isn't it? what do you think? do we go over it or not? >> yeah, it is very difficult. and i feel bad for john boehner. he's in a difficult situation....
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i think there is still a widespread belief following the german elections that debt burden is going down in the official sector, just a matter of how much. >> gina sanchez, this is live tv of course. good to have you back up and running. we have climbed the wall of worry many, many times. quite often when we climb that wall of worry we miss out on gains. is there something different this time around? are the worries justified or are we going to miss out? >> well, generally our view is that we're going to get to the end of the fiscal cliff with a resolution but that it is going to be turbulent up until that point. and so we're probably going to climb a wall of worry there. i think the issue on europe though is one that we basically -- i agree with brian, we've put europe to the back burner and probably some time at the second half of next year it is going to crop back up as an issue. but you could see, for example, the sort of classic january bounce or we think actually fiscal cliff could be pushed into january by the time they actually finally get a resolution. kicking the can may be a c
i think there is still a widespread belief following the german elections that debt burden is going down in the official sector, just a matter of how much. >> gina sanchez, this is live tv of course. good to have you back up and running. we have climbed the wall of worry many, many times. quite often when we climb that wall of worry we miss out on gains. is there something different this time around? are the worries justified or are we going to miss out? >> well, generally our view...
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i respectfully disagree that the only democrats got elected in the past election. there was still a majority in the house of representatives republican that would return to office they ought not take ownership of something that will reduce jobs and growth. they ought not to do that or they'll be responsible for what happens in the next four years. let the democrats have their tax increases and you'll see what happens. >> as you speak, we have a fiscal cliff countdown clock right beneath you, 27 days and 12 hours. gentlemen, appreciate your time. thanks so much. >> thank you. governors gilmore and davis. >>> let's get to brian sullivan with the market flash. brian? >>> perhaps not happy here, carl, pby is falling today. they swupg to a third quarter loss. you can see the stock is down 13%, $6.8 million loss, basically 13 cents per adjusted share of a loss. wall street was expecting a prof profit. sales fell 2.4% quarter over quarter. of course the whole autoparts phase with a lot of action around this name, pby has been stuck in an $8 to $12 range for the better par
i respectfully disagree that the only democrats got elected in the past election. there was still a majority in the house of representatives republican that would return to office they ought not take ownership of something that will reduce jobs and growth. they ought not to do that or they'll be responsible for what happens in the next four years. let the democrats have their tax increases and you'll see what happens. >> as you speak, we have a fiscal cliff countdown clock right beneath...
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tell me what you want for us to do but i don't like the idea that i was elected and my election certificate is as valid as anybody else's here not to have a say in this. i'd say to my colleagues, lets us, the people's house, take back control of this argument, come together and put something forward. >> you and others have signed on to a so-called discharge petition that would cause the house of representatives to take a vote on the bill passed in the senate some time ago that would extend the so-called bush era tax cuts for people earning less than $250,000. it requires 218 signatures. that means you've got to get some republicans to sign on. do you have any indication that any people will break from speaker boehner and sign your petition? >> i think so. i know one for example, my friend walter jones down in north carolina, said that he's open to it. i think i need 41 people now. we've got 177. i need 41 people to come forward and i think what's really interesting about this is, republicans aren't violating any pledge on this. they are assuring taxes don't go up. i see no reason why we can
tell me what you want for us to do but i don't like the idea that i was elected and my election certificate is as valid as anybody else's here not to have a say in this. i'd say to my colleagues, lets us, the people's house, take back control of this argument, come together and put something forward. >> you and others have signed on to a so-called discharge petition that would cause the house of representatives to take a vote on the bill passed in the senate some time ago that would...
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ever since obama won the election, we are now in deal mode. i have to tell you, we're going to have a stellar year. it's going to be at a price. the price is going to be -- january is probably going to be much worse than predicted. february, march, et cetera. we're borrowing for the future, yet again. >> that's a really good point. is this just a short-term thing? next year in 2013, once we see cap gains taxes go much higher, which they probably will, do things slow down again? >> oh, yeah. i think it will slow down again. i think people will hunker down, particularly are the whole fiscal cliff story hanging. even if it goes over, which i predict it will -- >> so do i. >> diana, what are you seeing? >> in the high ends where dolly works, of course it's going to have a big effect. let's keep this in perspective when we look at the housing recovery. homes price ed over $1 million were just 1.7% of sales in october. this is a minuscule amount when you look at the overall housing market and the recovery. that's why we're not seeing prices come dow
ever since obama won the election, we are now in deal mode. i have to tell you, we're going to have a stellar year. it's going to be at a price. the price is going to be -- january is probably going to be much worse than predicted. february, march, et cetera. we're borrowing for the future, yet again. >> that's a really good point. is this just a short-term thing? next year in 2013, once we see cap gains taxes go much higher, which they probably will, do things slow down again? >>...
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media reports suggesting opposition party could win a solid majority the next election. so what is the -- on the yen side of that trade, what are you forecasting? >> the market is aware of that and the opposition party if they do win, they could pressure the boj to try to do more in qe and that would tend to weaken the yen. so the yen is a carry trade back into play over the last one month and shorts have increased significantly over the last one month. so i think that as well as the better macro story in asia has led to quite a few carry trades against the yen and the yuan being one where it has outperformed the yen significantly over the past two, three months. >> south korea sort of dumping a lot of the currency in november, trying to slow the rally. are they going to be anymore successful than they have been? >> it's a mixture of that as well as attempts to reduce speculative lays on the forward so they have for example reduce d the cap on swaps outstanding. but i think players are a mixture of real players and if you do believe that the global economy is on a better
media reports suggesting opposition party could win a solid majority the next election. so what is the -- on the yen side of that trade, what are you forecasting? >> the market is aware of that and the opposition party if they do win, they could pressure the boj to try to do more in qe and that would tend to weaken the yen. so the yen is a carry trade back into play over the last one month and shorts have increased significantly over the last one month. so i think that as well as the...
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the storm and the election. staying with clothing, vera bradley -- well, handbags. those shares also tanking and they are blaming sandy as well but also noted their holiday season is off to a slow start. jeffri jeffries raising the tart fro tm $22 to $20. not all bad news. finisar, higher demand for tranceivers. what else? the stock down 17% year to date. finally, zynga. take a look at shares. they are up nearly 7% because they filed for a gambling license. that is right. the virtual game company wants to become a real poker company. let's bring in julia boorstin with more on this zynga story. seems like if they get it, a completely transformative thing. >> it would be transformative and zynga's definitely pushing forward with its plans to eventually make money from online gambling but the key thing here is that this is really a ways off. the stock soared as much as 9% higher this morning after it came out that zynga applied for real money gaming license in nevada which the company says will take as much as 18 months to get approved. but we have to remember that onl
the storm and the election. staying with clothing, vera bradley -- well, handbags. those shares also tanking and they are blaming sandy as well but also noted their holiday season is off to a slow start. jeffri jeffries raising the tart fro tm $22 to $20. not all bad news. finisar, higher demand for tranceivers. what else? the stock down 17% year to date. finally, zynga. take a look at shares. they are up nearly 7% because they filed for a gambling license. that is right. the virtual game...
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in italy, you do have elections coming up. there's a chance getting a higher share than people anticipate. but even then, the financial forces are going to force any government that comes into power to more or less stick to the plan morsi set out. on the other hand, there's always spain, the worries that with 25% unemployment, that you would see the default rate particularly on residential mortgages shoot up, it's 3% now, which is pretty amazing given the struggles within the economy, but we think it will go up somewhat, but really not any more than people have already priced in. >> and then ten year yields, 5.24%. at the moment, relatively speaking, pretty comfortable. >> maybe a little bit too comfortable and we certainly don't want to get complace complacent.yields are where they were say in march of this year and then subsequently they shot up to 7.5%. we know with the draghi put that that won't happen, but we don't want to think that there is only one way -- >> yesterday said, look, sort of the idea of the risk on phrase,
in italy, you do have elections coming up. there's a chance getting a higher share than people anticipate. but even then, the financial forces are going to force any government that comes into power to more or less stick to the plan morsi set out. on the other hand, there's always spain, the worries that with 25% unemployment, that you would see the default rate particularly on residential mortgages shoot up, it's 3% now, which is pretty amazing given the struggles within the economy, but we...
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we thought it would be weak during an election year. there's a whole body of academic evidence that public policy certainly does impair it. but we were stunned as early as the first quarter of this year to see the tech sector, ibm, talking about flat revenue growth in the u.s., and there we think there's a level of cap-ex that has just been foregone because of this public policy uncertainty that, even in a semistable environment, it should rebound a bit. and that could be a big driver for profit growth in '14. >> you point out that your sector positioning, you say it's cautious, but you are upping technology to overweight. underweighting domestic cyclical. if cap-ex is a phenomenon next year why would you not be more highly leveraged to that? >> well, we think that first of all, the numbers, and the valuations, look fully played out. we think they still have housing market euphoria. and, have looked at things like consumer confidence going up, at least until friday, as a result of house prices stabilizing. for us, that's the reason why
we thought it would be weak during an election year. there's a whole body of academic evidence that public policy certainly does impair it. but we were stunned as early as the first quarter of this year to see the tech sector, ibm, talking about flat revenue growth in the u.s., and there we think there's a level of cap-ex that has just been foregone because of this public policy uncertainty that, even in a semistable environment, it should rebound a bit. and that could be a big driver for...
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doing precisely that. >> got through the election on social issues. on the economy, i think it's pretty clear that nobody voted for four more years of the current economy. four more years to get his house in order and he's not going to get his house in order using the red herring of taxes when it's entitlemen entitlements. it just isn't going to work, simon. >> i get it. i'm just pointing out -- >> you know what, let's take jobless claims. >> i get it. >> over the last three days, jobless claims to sustain that renewal again which i think is a bad idea, that's 30 to $35 billion a year. i heard many democrats say that's a small amount, why shouldn't we do that? that's about halfway to the total amount they're talking about taxes. but whent's that, it's small. but when it's the 70 to $80 billion am toortized over ten years, all of a sudden it's big. i'm not saying don't raise taxes. if i signed the pledge, i would do it for good reasons. i haven't seen a good reason. i haven't seen a plan that promotes the big guy in the room. >> see you in the next hou
doing precisely that. >> got through the election on social issues. on the economy, i think it's pretty clear that nobody voted for four more years of the current economy. four more years to get his house in order and he's not going to get his house in order using the red herring of taxes when it's entitlemen entitlements. it just isn't going to work, simon. >> i get it. i'm just pointing out -- >> you know what, let's take jobless claims. >> i get it. >> over the...
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. >>> now over to japan, where election timing may spell budget delays. we have the story from tokyo. >> the election campaign has officially kicked off in japan, but there are worries the budget is not likely to be ready pi the end of this year. they will likely call a special session to elect a new prime minister, then select a cabinet before moving on to budget matters. once they reconvene in january, the new government would likely pass the supplementary budget first before submitting its fiscal 2013 plan in february. so a senior lawmaker predicts that the fiscal 2013 budget will not actually pass until mid may. that's more than a month into the new fiscal year. and if the government can't get the job done by the end of march, a provisional budget will be needed. opinion polls show the gap between the ldp and the ruling democratic party has been narrowing. that means if the ldp can't get their majority, these bills could be delayed even more. back to you, ross. >> all right, thanks for that. that's the late fres the nikkei. still to come, the business
. >>> now over to japan, where election timing may spell budget delays. we have the story from tokyo. >> the election campaign has officially kicked off in japan, but there are worries the budget is not likely to be ready pi the end of this year. they will likely call a special session to elect a new prime minister, then select a cabinet before moving on to budget matters. once they reconvene in january, the new government would likely pass the supplementary budget first before...
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this move is likely to bring the country forward to elections next year. the italian prime minister has offered no clue as to whether or not he will run and it comes after sylvia berlusconi declared over the weekend he would throw his hat in the ring for the job of premier. carolyn ross is in italy following the details there. can you walk us through the time frame here? when are we expected monte to step down? what happens next? >> good morning to you, kelly. here is the time frame for you. over the next few weeks, we're expecting the budget stability law to be passed. neither of the political parties will want to be blamed for bringing down the stability of italy, so they will pass that over the next week. once that is passed, mr. mon at the said he would step down. that will happen likely around new year's. and then the president will have to dissolve the parliament and between 45 and 70 days after the parliament is dissolved, new elections will take place and that probably takes us to february 2014. and, kelly, that is two months before the actual elec
this move is likely to bring the country forward to elections next year. the italian prime minister has offered no clue as to whether or not he will run and it comes after sylvia berlusconi declared over the weekend he would throw his hat in the ring for the job of premier. carolyn ross is in italy following the details there. can you walk us through the time frame here? when are we expected monte to step down? what happens next? >> good morning to you, kelly. here is the time frame for...
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the anticipation is they want to get re-elected. they understand the republicans now have detectors. again, the market is saying we with believe in you. don't screw this up. >> all right. you have to get ready for the next hour. >> huge show coming up. timothy geithner at the top of the hour. we're going to find out what's changed since the sunday shows he was doing interviews on. anton, ben, see you soon. i'll see you at the top of the hour. >> capital gains rates are probably going to go up. does that hurt the market as well? >> we've seen a lot of companies sell themselves. it's been a problem in the banking industry because loans have been paid off. they want to grow loans. people are taking control and repaying their loans. i think it's already been anticipated. >> you've had a hot hand trading this market lately. what are you doing, especially bearing in mind we have a jobs number on friday. >> i'm a little concerned on the adp numbers. this is generally the weakest of the year. that's probably baked in a little bit. i think w
the anticipation is they want to get re-elected. they understand the republicans now have detectors. again, the market is saying we with believe in you. don't screw this up. >> all right. you have to get ready for the next hour. >> huge show coming up. timothy geithner at the top of the hour. we're going to find out what's changed since the sunday shows he was doing interviews on. anton, ben, see you soon. i'll see you at the top of the hour. >> capital gains rates are...
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he was somewhat -- he was somewhat accommodating right after the re-election. he's become harder line. i agree with that point. doug, you know the numbers. once again, i ask you, does boehner's idea of capping upper end deductions work to raise revenues, heaven forbid without damaging the middle class? does it work? >> yes, absolutely it works, and, you know, it's important to recognize we have two different problems. problem number one is the fiscal cliff and threat of recession. raising any more taxes doesn't make any sense. this is politics trumping economic sense. second problem is fixing the debt and there's this debate about how much revenue, how much spending. balance means heavy on spending lighter on taxes and bowles-simpson told us the route to do that is tax reform. >> much more fun by the way to have 4% or 5% growth than to equitable about 1% or 2% growth. thank you gentlemen. we appreciate it. now to another controversy. are minorities especially latinos a lost cause for republicans and conservative principles? i say no, but our next guest star par
he was somewhat -- he was somewhat accommodating right after the re-election. he's become harder line. i agree with that point. doug, you know the numbers. once again, i ask you, does boehner's idea of capping upper end deductions work to raise revenues, heaven forbid without damaging the middle class? does it work? >> yes, absolutely it works, and, you know, it's important to recognize we have two different problems. problem number one is the fiscal cliff and threat of recession. raising...
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we just had an election all about this. why does not white house figure that these kinds of appearances are helpful when both sides positions are pretty well locked in already? >> because this president and this white house have concluded that public pressure is what will make republicans bargain with him and deal on his terms. after the private grand bargain negotiations in the summer of 2011, they concluded they weren't simply going to do it behind closed doors with republicans. president went out and campaigned. he hammered republicans beginning in the fall of 2011. he won the election and he was trying to keep the pressure on to get them to bargain. >> all right, john har wood, thank you very much. >> let's stay in washington but capitol hill now, keeping a close eye on the negotiations, among the key congressional leaders. what the update, amman? >> well, there is total radio silence about the meeting between boehner and obama at the choice yesterday. we are told to expect that boehner will brief top republican leaders
we just had an election all about this. why does not white house figure that these kinds of appearances are helpful when both sides positions are pretty well locked in already? >> because this president and this white house have concluded that public pressure is what will make republicans bargain with him and deal on his terms. after the private grand bargain negotiations in the summer of 2011, they concluded they weren't simply going to do it behind closed doors with republicans....
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again our two fiscal cliff portfolios for the first time since the election of november 6th, they are betting we will not go over the fiscal cliff interestingly enough. right now the dow up just 15 points as we head towards the close. much more to come on the second hour of "closing bell." >>> and it's that time of day. it's 4:00 p.m. here on wall street. maria will be back in the seat tomorrow. as the clock winds down to the fiscal cliff deadline, this is how we're finishing on wall street. at this stage it looks like we got a gain of only 14 points for the dow. obviously we were higher than that, not much more but were higher earlier in the day. the nasdaq up by only eight points and the s&p finishing up by just a trickle of positive. well, ticktock. the market is closed. seems to be waiting once again for some clear signal on what's going to happen with regards to the fiscal cliff. how can you make money in the final trading sessions of the year amongst all this uncertainty? >> we have definite answers coming with our panel. back with us nathan bachrach from the financial network.
again our two fiscal cliff portfolios for the first time since the election of november 6th, they are betting we will not go over the fiscal cliff interestingly enough. right now the dow up just 15 points as we head towards the close. much more to come on the second hour of "closing bell." >>> and it's that time of day. it's 4:00 p.m. here on wall street. maria will be back in the seat tomorrow. as the clock winds down to the fiscal cliff deadline, this is how we're finishing...
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to happen and we can stop worrying about it and the markets will avoid crashing with the inevitable election of president kardashian. >> the policies coming out of that administration may be better than the ones right now. >> that was hash tag smooth on that political rant. >> personal hygiene. lindsay lohan bounce. >> you don't have to worry about personal hygiene. don't shower that morning. what is the difference. >> die smelly? >> you guys have a loincloth around the house? >> i hope guy does practice personal hygiene until the 20th. >> exactly. >> jane, good to see you. jane wells joining us from the west coast. next on fast is the smart phone revolution just getting started? the most closely watched is making a bold prediction and getting a lot of play on twitter. we have your tweets next. a passionate belief, and the foundation on which merrill lynch has been built. today, our financial advisors lead from a new position of strength. together with bank of america, they have access to more resources than ever before. a steadfast commitment to help you achieve your financial goals in life
to happen and we can stop worrying about it and the markets will avoid crashing with the inevitable election of president kardashian. >> the policies coming out of that administration may be better than the ones right now. >> that was hash tag smooth on that political rant. >> personal hygiene. lindsay lohan bounce. >> you don't have to worry about personal hygiene. don't shower that morning. what is the difference. >> die smelly? >> you guys have a loincloth...
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he wasn't happy with the 2012 elections. do you think conservatism just didn't make the case in the elections last november? >> we always have to do a better job at how we speak about liberty, the constitution and how inclusive it is and how it offers things to people who have not yet experienced the fruits of liberty. so i think we can always do a better job. what i will say about jim demint is he has started and brought some liberty-minded libertarian/conservatives to the senate. we have a pretty good caucus now. there's a real strong jim demint influence in our caucus. >> great stuff. senator rand paul, kentucky, thank you sir. all the best. >> thank you. >>> so besides praising jim demint, senator rand paul said something very interesting. he said he will not vote for a filibuster. he said, let larry reid, no filibust filibuster, 51 vote, simple majority and then he will vote no and let the democrats have the onus of the big tax hike. quite interesting. now here's a political threat. is the republicans at risk of becomin
he wasn't happy with the 2012 elections. do you think conservatism just didn't make the case in the elections last november? >> we always have to do a better job at how we speak about liberty, the constitution and how inclusive it is and how it offers things to people who have not yet experienced the fruits of liberty. so i think we can always do a better job. what i will say about jim demint is he has started and brought some liberty-minded libertarian/conservatives to the senate. we...
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after the election, the risk that the market basically these two portfolios are traching each other are perfect mirror images here. they were betting at this point we were going to go over the cliff. in other words the -- over the cliff portfolio was the outperformer until today. they have crossed. so now it's gone lower. we hit the cliff and avoid it is going higher at this point. two things to watch for this week. we got all that treasury paper coming to market here. the yield has moved higher. but we'll see what happens there. then the other thing is natural gas at a two-month low and moving lower because of all the warm weather in the markets now. nat gas subpoena in fact we come off this low here. with the market up 20 points here, what do you make of this -- of our model portfolio fiscal cliff portfolios? >> i was very surprised that it crossed today. i mean, with very little activity, very little movement on pretty much any stock that it crossed today. i was surprised with that. i'm becoming a little more convinced that we're not going to have any resolution at all. i thought the
after the election, the risk that the market basically these two portfolios are traching each other are perfect mirror images here. they were betting at this point we were going to go over the cliff. in other words the -- over the cliff portfolio was the outperformer until today. they have crossed. so now it's gone lower. we hit the cliff and avoid it is going higher at this point. two things to watch for this week. we got all that treasury paper coming to market here. the yield has moved...
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andrea merkel has to get elected in the second half of next year. that's going to make it difficult for any pro-growth solutions to appear in europe. i think, frankly, i'm not that confident that the market hasn't already positively priced in a fiscal cliff resolution. i think the first half is like a bungee jump. >> so dan, cut through all of that, right. if we could put aside trying to forecast where the s&p is going to be, where the dow is going to be, regardless of where the markets in general are going to be, i believe you have stock picks for us. name what they are and will they be able to perform regardless of the macro environment? >> all right. we are focused on. companies that can grow regardless of what happens in the economy. three stocks we like, one is denbury resources. what's interesting about them is they have hedged their forward sales of oil so the lowest they're going to receive is $80 next year. at those rates, they're going to be a very profitable company. it's a very inexpensive stock. we like that. it's a u.s. oil producer as
andrea merkel has to get elected in the second half of next year. that's going to make it difficult for any pro-growth solutions to appear in europe. i think, frankly, i'm not that confident that the market hasn't already positively priced in a fiscal cliff resolution. i think the first half is like a bungee jump. >> so dan, cut through all of that, right. if we could put aside trying to forecast where the s&p is going to be, where the dow is going to be, regardless of where the...
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after we got the bounce on the 19th, there are several sectors doing far better than where they were on election. >> that's true. you know what? we've been so focused on the fiscal cliff, we haven't thought about the jobs number coming out tomorrow. what do you expect? >> i expect it to be nothing that's going to
after we got the bounce on the 19th, there are several sectors doing far better than where they were on election. >> that's true. you know what? we've been so focused on the fiscal cliff, we haven't thought about the jobs number coming out tomorrow. what do you expect? >> i expect it to be nothing that's going to
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>> the president himself kourg the election said 2 1/2 to one. now his proposal last week has $1.6 trillion in tax increases, $400 billion in spending cuts and another $200 billion in spending, plus an unlimited ability to borrow and raise the debt limit >> you'd be okay with 2 1/2 to 1? >> the bowles-simpson was about 3 to 1. frankly i don't think it's a revenue problem. i don't want to go over revenues. but you know, if we could get a deal that would put the country on a sound fiscal footing and change this trajectory that we're on, there perhaps could be some republican support for it. i'm not sure where i would come in. >> the -- part of the cliff that bothers you the most is that you'd like to do something with the sequester? or, if we were to sunset all the bush tax cuts? that would -- >> that would go -- republicans want to get rid of the deficit. that almost cures the deficit. and that was the rates that we had at one point. and they were supposed to sunset. and i guess there's never a good time. but what if they all sunsetted and you did
>> the president himself kourg the election said 2 1/2 to one. now his proposal last week has $1.6 trillion in tax increases, $400 billion in spending cuts and another $200 billion in spending, plus an unlimited ability to borrow and raise the debt limit >> you'd be okay with 2 1/2 to 1? >> the bowles-simpson was about 3 to 1. frankly i don't think it's a revenue problem. i don't want to go over revenues. but you know, if we could get a deal that would put the country on a...
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we thought we'd have elections march/april, there's the prospect it could be a snap election much earlier perhaps in the new year. now the good news is there isn't a huge amount of blowout on the bonds at the short end of the italian markets. the yields are higher but not huge relative to where we've been but on the ten-year italian market you can see we're slightly higher but no great shakes overall. it means the rally in the peripheral bond market we've witnessed in italy and spain has now stalled at this stage. remember we had the auction in spain yesterday and the yields are slightly higher relative to where we've been, they're still relatively depressed. we talk about the problems in europe, i thought it was worth pointing out amidst all the malaise what is happening in germany today an astounding manufacturing german manufacturing orders result from germany up 3.9% in october, a phenomenal performance from german industry and it's worth bearing in mind that german industry is basically in a single currency that is too low arguably for what it should be at. the deutsche mark would ha
we thought we'd have elections march/april, there's the prospect it could be a snap election much earlier perhaps in the new year. now the good news is there isn't a huge amount of blowout on the bonds at the short end of the italian markets. the yields are higher but not huge relative to where we've been but on the ten-year italian market you can see we're slightly higher but no great shakes overall. it means the rally in the peripheral bond market we've witnessed in italy and spain has now...
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but blacks -- let's see. 95% of african-americans voted for president obama in this last election. what do you make of that? what does that tell you? >> well, the first thing we have to start looking at is what it's going to take for us to get the respect of both parties, and that comes down to us being a people that are principled over anything else. we have 95% of any race that would vote for a person or party, it kind of helps them to be taken for granted. at this point, what does the democratic party have to do to win our vote? actually, just be around. so it's time for us as a people to start putting our principles first. i think we should be ashamed of ourselves in certain areas, those who decided that the education is so important to them, they have a passion for it. why would you vote for a person who decides the union is much more important for them. >> in other words, school choice. i'm going to read from the notes. you tell me if i'm wrong. but this is tough stuff. you say in your notes, obama is the most aggressive anti-black policymaker in modern history. that's tough
but blacks -- let's see. 95% of african-americans voted for president obama in this last election. what do you make of that? what does that tell you? >> well, the first thing we have to start looking at is what it's going to take for us to get the respect of both parties, and that comes down to us being a people that are principled over anything else. we have 95% of any race that would vote for a person or party, it kind of helps them to be taken for granted. at this point, what does the...
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and when they signal -- sort of like the pope being elected. when the white smoke comes out of the capitol, we can come back and execute the deal. >> wow, i don't know how i feel about the whole pope reference, talking about congress. >> that's better than being sentenced to church, i guess. >> i suppose that is true. and, in fact, that's going to be our next story. steve latourette, always nice to have you. when you're in new york, we would love to have you come and sit down with us on our panel. >> would love to. >>> drunk driver, instead of being sentenced to prison, is sentenced to time in church. not sure how i feel about that. >> love it. >> you do? ♪ presence of the lord is here >> we'll talk about that. back in a moment. too easily? time to deploy the boring-potato chip decoy bag. then no one will want to steal the deliciousness. [ male announcer ] with a variety of tastes and textures, only chex mix is a bag of interesting. [ male announcer ] with a variety of tastes and textures, why they have a raise your rate cd. tonight our guest
and when they signal -- sort of like the pope being elected. when the white smoke comes out of the capitol, we can come back and execute the deal. >> wow, i don't know how i feel about the whole pope reference, talking about congress. >> that's better than being sentenced to church, i guess. >> i suppose that is true. and, in fact, that's going to be our next story. steve latourette, always nice to have you. when you're in new york, we would love to have you come and sit down...
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this is impressive given by the uncertainty of the presidential election. businesses are holding firm in their hiring and firing decisions. another unusual factor in the numbers, the layoffs and strikes at hostess. those could also affect the numbers. hostess filed for bankruptcy last month. i want to bring you up to speed on facebook moving on up. the social network will be listed oven the nasdaq 100. it could be added to the s&p 500 soon. the shares were down nearly 30% since that much-hyped ipo. market value is about $60 billion. it would rank monothe top 50 largest companies on the index. one strategist says the move is eminent. >>> we're following breaking news. an earthquake rattles tokyo and there are injuries reported. >>> hold up, an escalator goes out of control with shoppers aboard sending them flying. many of my patients still clean their dentures with toothpaste. but they have to use special care in keeping the denture clean. dentures are very different to real teeth. they're about 10 times softer and may have surface pores where bacteria can m
this is impressive given by the uncertainty of the presidential election. businesses are holding firm in their hiring and firing decisions. another unusual factor in the numbers, the layoffs and strikes at hostess. those could also affect the numbers. hostess filed for bankruptcy last month. i want to bring you up to speed on facebook moving on up. the social network will be listed oven the nasdaq 100. it could be added to the s&p 500 soon. the shares were down nearly 30% since that...
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but what is the evidence in the last four years or even since the election that mr. obama won't pocket that victory and then refuse to offer any but token changes on entitlements." >> that's a reversal of what they wrote a few weeks ago where republicans will take the victory in keeping them from going up. >> but if you take this deal now -- that's been the hesitation. the problem is you have no leverage. if you take the deal now, you really lose everything in being able to negotiate about spending cuts, right? >> well, i think that a deal is to be made that would benefit the people if it were done earlier. and the incentive is knowing that the scenario that the "the wall street journal" put forth could take place. we need a discussion right now, and we need to have a discussion where we could have sensible solutions with regard to the safe any net programs as well as the tax cuts. >> what's on the table for the democrats? >> i think what judy is saying is very true. we're going to get to this point anyway. it's just a question of when and how much damage will be don
but what is the evidence in the last four years or even since the election that mr. obama won't pocket that victory and then refuse to offer any but token changes on entitlements." >> that's a reversal of what they wrote a few weeks ago where republicans will take the victory in keeping them from going up. >> but if you take this deal now -- that's been the hesitation. the problem is you have no leverage. if you take the deal now, you really lose everything in being able to...
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representative tom cole from oklahoma and congressman elect ted yoho from florida. >>> coming up, low taxes have been an article of faith among republicans for decades, but is the gop willing to take us over the cliff just to avoid a small marginal increase for the top 2%? we'll delve into the math, next. to test the 2.0-liter turbo engine. [ engine revs ] ♪ [ derek ] 272 horsepower. the lightest in its class. the cadillac ats outmatches the bmw 3 series. i cannot believe i have ended the day not scraping some red paint off on these barriers. ♪ [ male announcer ] the all-new cadillac ats. a regular guy with an irregular heartbeat. the usual, bob? not today. [ male announcer ] bob has afib: atrial fibrillation not caused by a heart valve problem, a condition that puts him at greater risk for a stroke. [ gps ] turn left. i don't think so. [ male announcer ] for years, bob took warfarin, and made a monthly trip to the clinic to get his blood tested. but not anymore. bob's doctor recommended a different option: once-a-day xarelto®. xarelto® is the first and only once-a-day prescript
representative tom cole from oklahoma and congressman elect ted yoho from florida. >>> coming up, low taxes have been an article of faith among republicans for decades, but is the gop willing to take us over the cliff just to avoid a small marginal increase for the top 2%? we'll delve into the math, next. to test the 2.0-liter turbo engine. [ engine revs ] ♪ [ derek ] 272 horsepower. the lightest in its class. the cadillac ats outmatches the bmw 3 series. i cannot believe i have...
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bush was elected and liberal democrats saying, oh, my gosh, we're never going to win another election, i always caution people are conservative like me, look, republicans can make a come back, they can win in 2014 and 16. you shouldn't abandon your basic principles, in my view that would be the worst thing to do. >> the tea party has said, look, we're for smaller government, less government interference. >> we have this historical battle between thomas jefferson and alexander hamilton going all the way back to that point, how much government do we want or not want. but on an optimistic note, we always seem to manage to get beyond this. >> congress is busy at work and just not on the fiscal cliff. ac, they've been committed to putting clients first. helping generations through tough times. good times. never taking a bailout. there when you need them. helping millions of americans over the centuries. the strength of a global financial leader. the heart of a one-to-one relationship. together for your future. ♪ bp has paid overthe people of bp twenty-threeitment to the gulf. billion dol
bush was elected and liberal democrats saying, oh, my gosh, we're never going to win another election, i always caution people are conservative like me, look, republicans can make a come back, they can win in 2014 and 16. you shouldn't abandon your basic principles, in my view that would be the worst thing to do. >> the tea party has said, look, we're for smaller government, less government interference. >> we have this historical battle between thomas jefferson and alexander...
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and i think you saw that in the election. i don't think that is their intent. i think their intent is quite sound. >> they are becoming the party of rich white older men. you can't think of any other section of the community right now thinking the republican party is for me. >> i think that is why the politics of this make it possible to go over the cliff. i think the democrats see if we go over the cliff the republicans get blamed. meanwhile. i think the republicans worry about bei ining blamed by a pri contender with the field. that doesn't mean they are obliged to stop this. his own party is slit. you are seeing groups coming out saying i'm prepared to go for a few more taxes. >> from both sides. on this, not exactly. this is one of the things that interested me. there is a lot of people in the republican party, in the senate who have said look, $250,000 is not a rich man, but it is not a rich person in new york city or loss ang. and the rates, which they want to go from 35 to 39.6%. maybe you are going to have to raise the threshold to get a deal. maybe you
and i think you saw that in the election. i don't think that is their intent. i think their intent is quite sound. >> they are becoming the party of rich white older men. you can't think of any other section of the community right now thinking the republican party is for me. >> i think that is why the politics of this make it possible to go over the cliff. i think the democrats see if we go over the cliff the republicans get blamed. meanwhile. i think the republicans worry about bei...
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today in cairo the most violent street fighting since the election of egypt's mohammed morsi. the army called in the tanks when the protesters got close to the presidential palace. soldiers and armored vehicles shut down a demonstration by both supporters and opponents of the president. they left behind piles of rubble, burning cars, month sense of stability as a major nationwide vote gets one day closer. president morsi said a few hours ago he is going to address the egyptian people. he has not yet, but when that happens, we're going to bring that to you live. >>> nerve agents locked and loaded ready to be used against a syrian people. now, that scenario now a reality. that is according to nbc news. now, it says that syria's military has loaded the component chemicals for the deadly nerve gas into aerial bombs that could be dropped from their fighter jets. i want to bring in paula gorani about this because you have a different take on this. i know there's a lot of breath held. you say that they're not necessarily on that path. >> i believe that there's analysis that is very c
today in cairo the most violent street fighting since the election of egypt's mohammed morsi. the army called in the tanks when the protesters got close to the presidential palace. soldiers and armored vehicles shut down a demonstration by both supporters and opponents of the president. they left behind piles of rubble, burning cars, month sense of stability as a major nationwide vote gets one day closer. president morsi said a few hours ago he is going to address the egyptian people. he has...
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the american people re-elected him and they re-elected us. that's not a mandate to raise taxes. that's what house speaker john boehner told fellow republicans during a weekly meeting, signaling he will push back on president obama's demand for tax hikes on the rich when it comes to the fiscal cliff. but treasury secretary timothy geithner says the white house will not give in. >> no prospect to an agreement that doesn't involve those rates going up on the top 2% of the wealthiest americans. remember it's only 2%. >> geithner adds the obama administration is, quote, absolutely prepared to go off the cliff, if necessary. joining me now is van jones, cnn contributor and former obama administration official. good morning. >> god morning to you. >> so, van, i guess my first question that's eatsy for geithner to say, we're perfectly willing to go off the fiscal cliff. that means a tax hike on middle class americans and maybe some of them are thinking this morning i'm not really so happy geithner said that. >> it might have been inartful for him to say it the way he said it. i think he
the american people re-elected him and they re-elected us. that's not a mandate to raise taxes. that's what house speaker john boehner told fellow republicans during a weekly meeting, signaling he will push back on president obama's demand for tax hikes on the rich when it comes to the fiscal cliff. but treasury secretary timothy geithner says the white house will not give in. >> no prospect to an agreement that doesn't involve those rates going up on the top 2% of the wealthiest...
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they've got lots of votes, but the elected representative, in this case, the elected president, is not as keen on the whole other bunch of stuff. the rule of law, separation of power, individual lib erties, s he's trying to do a power grab. this is the drama that's playing out between democracy on the one hand and on individual liberty. >> what seems confusing, what morsi did with his decree, declaring himself more powerful than the supreme court, he's also at the same time saying he's going to put this to the people to vote on a referendum and that should assuage those who don't like, just go to the ballot box. >> but think of what i just said, so yeah, you could get the people to agree to a constitution that does not protect the rights of minorities, that does not institute the rule of law in judicial review. there's always been distension. hitler was elected democratically, so the fact morsi can go to the people and more than popularity, because of organization, the islamic parties tend to win in these elections. >> it's not as though the people of egypt would like to see this kind
they've got lots of votes, but the elected representative, in this case, the elected president, is not as keen on the whole other bunch of stuff. the rule of law, separation of power, individual lib erties, s he's trying to do a power grab. this is the drama that's playing out between democracy on the one hand and on individual liberty. >> what seems confusing, what morsi did with his decree, declaring himself more powerful than the supreme court, he's also at the same time saying he's...